The Consumer Financial Protection Bureau (CFPB) recently highlighted its concerns regarding the use of military allotments for loan repayment, inviting servicemembers who believe they have been treated unfairly by companies seeking repayment through the military allotment system to file complaints with them so that they can investigate further.  

A military allotment is an automatic deduction from a servicemember’s military pay that can be designated towards a recurring payment obligation. … Continue Reading

The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments.  The military discretionary allotment system allows servicemembers to automatically direct a portion of their paychecks to financial institutions or others of their choosing. … Continue Reading